Vraj Iron and Steel IPO – Review, Bid, Size, Allotment, Subscription, GMP & RHP
Last Updated Date: Jul 07, 2024Let’s have a detailed review of the company and analytics of the Vraj Iron and Steel IPO release date, IPO offer price, subscription, Vraj Iron and Steel Limited IPO allotment, grey market price, and other details like the company’s background, its financial positions, its promoters, and other related things.
| Face Value | Rs 10 |
| Price Band | Rs 195 to Rs 207 |
| Listing At | BSE, NSE |
| Min. Order Quantity | 72 Shares |
| Listing Date | July 3, 2024 |
| Offer for Sale | Rs Million |
| Fresh Issue | Rs 171.00 Cr. |
| IPO Size | Rs 171.00 Cr. |
| Tick Size | 1 |
Vraj Iron and Steel IPO is listed at a [●] premium. Check out the live share price by clicking on the below link.
| Live Performance – Vraj Iron and Steel Share Price |
Vraj Iron and Steel IPO – Summary
Their Company is engaged in manufacturing of Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj. They currently operate through two manufacturing plants which are located at Raipur and Bilaspur in Chhattisgarh spread across 52.93 acres.
As of December 31, 2023, the aggregate installed capacity of their manufacturing plants was 2,31,600 tons per annum (“TPA”) (comprising intermediate and final products). Their manufacturing plant at Raipur also includes a captive power plant with an aggregate installed capacity of 5 MW, as of December 31, 2023.
The Promoter of this company is VIJAY ANAND JHANWAR, KUSUM LATA MAHESHWARI, GOPAL SPONGE AND POWER PRIVATE LIMITED, V.A. TRANSPORT PRIVATE LIMITED, KIRTI ISPAT PRIVATE LIMITED, BHINASWAR COMMERCIAL PRIVATE LIMITEDANDUTKAL ISPAT PRIVATE LIMITED. The lead manager of the issue is Aryaman Financial Services Limited, and the Registrar of this issue is BIG SHARE SERVICES PRIVATE LIMITED.
Vraj Iron and Steel IPO Date
The opening and closing dates of Vraj Iron and Steel IPO are June 26, 2024, and June 28, 2024, respectively.
Vraj Iron and Steel IPO Subscription
| Day / Date | QIB | NII | RII | Total Subscription |
| 1st Day – 26th Jun | 0.65x | 3.78x | 5.54x | 3.77x |
| 2nd Day – 27th Jun | 0.97x | 34.65x | 20.88x | 18.14x |
| 3rd Day – 28th Jun | 173.99x | 221.66x | 58.31x | 126.36x |
| Shares Offered or Net Issue | 1,652,174 | 1,239,130 | 2,891,305 | 8,260,868 |
The shares subscribed by the public will be updated here.
Vraj Iron and Steel IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment Status is not yet disclosed.
Vraj Iron and Steel Limited IPO Listing Date
Find the dates below on basis of allotment, refund, listing, and more:
| Basis of Allotment Finalization | July 1, 2024 |
| Refunds Initiation | July 2, 2024 |
| Credit of Shares to Demat Account | July 2, 2024 |
| Share Listing Date | July 3, 2024 |
Vraj Iron and Steel IPO Price Band
The face value of each share is Rs.10, but the price band of the IPO is Rs 195 to Rs 207
Vraj Iron and Steel IPO Equity Size
This Initial Public Issue of 8,260,870 Equity Shares of Rs.10 each for cash at a price of Rs 195 to Rs 207 per equity share aggregating to Rs.171.00 Cr.
Vraj Iron and Steel IPO Share Offering
Fresh Issue: The Issue (excluding the Market Maker Reservation Portion) of 8,260,870 Equity Shares of Rs.10/ each.
Issue Size: 8,260,870 Equity Shares of Rs.10 each, aggregating to Rs.171.00 Cr.
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Vraj Iron and Steel IPO – Live Performance
The listing date of this IPO is July 3, 2024. You can check the live performance of the IPO here, only after it is listed on exchanges.
| Live IPO Performance – Vraj Iron and Steel Share Price |
Vraj Iron and Steel IPO Grey Market Premium
The Vraj Iron and Steel Limited IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is Rs X.
Vraj Iron and Steel IPO – Company Overview
They are in the process of increasing the capacities of their existing manufacturing plants and captive power plant, which is expected to increase their aggregate installed capacity (comprising of intermediate and final products) from 2,31,600 TPA to 5,00,100TPA and captive power plants aggregate installed capacity from 5 MW to 20 MW.
The proposed expansion of Sponge Iron and Captive Power Plant are expected to become operational in Q4 of FY 2024-25 whereas MS Billets is expected to become operational in Q1 of FY 2025-26.
Their product offerings such as Sponge Iron, TMT Bar, MS Billets and by-products Dolochar, Pellet and Pig Iron cater to a mix of customers that consist of industrial customers and end-users. They sell their products directly as well as through brokers/dealers.
As part of their initiatives towards continual improvement, they have obtained the Environment Management System Certification under the new standard of ISO 14001: 2015 for the Raipur Plant.
Vraj Iron and Steel IPO – Financial Statements
A quick look into the past financial performance of the company to understand its performance of the business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & Million) | ||||
| 31-Dec-23 | 31-Mar-23 | Mar-22 | 31-Mar-21 | |
| Total Assets |
2,530.49
|
1,915.39
|
1,507.74
|
1,263.34
|
| *Total Revenue | 3,048.08 |
5,174.21
|
4,143.84 |
2,909.32
|
| Total Expense |
2,490.93
|
4,484.23
|
3,771.95 |
2,765.25
|
| Profit After Tax |
445.80
|
539.97
|
287.04
|
109.85
|
Earnings per Equity Share (in Million)
| 31-Dec-23 | 31-Mar-23 | Mar-22 | 31-Mar-21 | |
| Basic & Diluted |
18.03
|
21.84
|
11.61
|
4.44
|
Further, their PAT for the period ended on March 31, 2023, March 31, 2022, and March 31, 2021, were Rs. 539.97 Million, Rs. 287.04 Million and Rs. 109.85 Million respectively.
Vraj Iron and Steel IPO – Promoters
The Promoter of this company is:
- VIJAY ANAND JHANWAR,
- KUSUM LATA MAHESHWARI,
- GOPAL SPONGE AND POWER PRIVATE LIMITED,
- V.A. TRANSPORT PRIVATE LIMITED,
- KIRTI ISPAT PRIVATE LIMITED,
- BHINASWAR COMMERCIAL PRIVATE LIMITEDANDUTKAL ISPAT PRIVATE LIMITED
List of Related Parties (Key Managerial Personnel)
- Vijay Anand Jhanwar, Chairman and Managing Director
- Prasant Kumar Mohta, Whole-Time Director
- Praveen Somani, Whole-Time Director
- Sanjeeta Mohta, Non-Executive Independent Director
Vraj Iron and Steel IPO – Promoters Holding
- Pre-Issue Share Holding – 99.99%
- Post-Issue Share Holding – %
Vraj Iron and Steel IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | Up to 8,260,870 Equity Shares aggregating up to Rs.171.00 Cr. |
| of which: | |
| Issue Reserved for the Market Makers | Up to [●] Equity Shares aggregating up to Rs.[●] Million |
| Net Issue to the Public | Up to [●] Equity Shares aggregating up to Rs.[●] Million |
| Of which: | |
| Retail Investors Portion | Not less than [●] Equity Shares |
| Other than Retail Individual Investors | Not more than [●] Equity Shares |
| Equity Shares outstanding prior to the Issue | 24,721,750 Equity Shares |
| Equity Shares outstanding after the Issue | X Equity Shares |
Vraj Iron and Steel IPO Issue Object
Their Company proposes to utilize the Net Proceeds towards funding the following objects:
- Funding for Capital Expenditure towards the “Expansion Project” at Bilaspur Plant: a)Repayment or prepayment of borrowings from HDFC Bank obtained by their Company for the capital expenditure towards the “Expansion Project” at Bilaspur Plant; and b)Capital expenditure towards the “Expansion Project” at Bilaspur Plant.
- General Corporate Purposes.
Vraj Iron and Steel IPO – Business Strategy
-
Expansion of manufacturing facilities
-
Reduce Debt Levels and improve Debt to Equity Ratio
-
Strengthen their customer base by growing existing customer business and acquiring new customers
-
Focus on operational efficiencies to improve returns
Vraj Iron and Steel IPO – Basis of Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Integrated and well-established manufacturing setup
- Manufacturing plants are strategically located, supported by robust architecture
- Quantity and Average price of Coal procured by the Company
- Diversified product mix with a strong focus on value-added products
The relevant quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-23 |
21.84
|
38.32%
|
285 |
| 31-Mar-22 |
11.61
|
32.94%
|
– |
| Mar-21 |
4.44
|
19.01%
|
– |
Vraj Iron and Steel IPO: Competitive Peers
| Face Value (Rs.) | P/E | EPS (Rs.) | Return on Net Worth (%) | Revenue from Operations (Rs. in Millions) | |
| Vraj Iron and Steel Limited | 10 | [●] |
21.84
|
38.32% | 5,156.71 |
| Listed Peers | |||||
| Sarda Energy and Minerals Limited | 1 | – |
169.94
|
17.71% |
42,119.00
|
| Godawari Power and Ispat Limited | 5 | – |
61.16
|
20.31%
|
57,530.40
|
Vraj Iron and Steel IPO Lead Managers
| Lead Managers |
| Aryaman Financial Services Limited 60, Khatau Building, Ground Floor, Alkesh Dinesh Modi Marg, Fort, Mumbai –400 001Maharashtra, India Tel: +91 22 6216 6999 Email:ipo@afsl.co.in Investor Grievance Email:feedback@afsl.co.in Website:www.afsl.co.in Contact Person: Vatsal Ganatra/Deepak Biyani SEBI Registration No:INM000011344 |
Vraj Iron and Steel IPO Registrar to offer
| Registrar to the Offer |
| Bigshare Services Private Limited S6-2, 6thFloor, Pinnacle Business Park, Mahakali Caves Road, Next to Ahura Centre, Andheri East, Mumbai –400093 Maharashtra, India Tel: +91 22 6263 8200 Email: ipo@bigshareonline.com Investor Grievance Email: investor@bigshareonline.com Website: www.bigshareonline.com Contact Person: Babu Raphael C SEBI Registration Number: INR000001385 |
Vraj Iron and Steel IPO – Other Details
- Statutory Auditor – M/s. Amitabh Agrawal & Co., Chartered Accountants
- Legal Counsel to the Company – Messrs. Kanga and Company
- Bankers to the Company – HDFC Bank Limited
Vraj Iron and Steel IPO Review by Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
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Vraj Iron and Steel Limited IPO News
News 1 – IPO DRHP Download
News 2 – IPO RHP Prospectus Download
Vraj Iron and Steel IPO Review FAQs
Check out various FAQs related to Vraj Iron and Steel IPO:
What is the Issue Size of Vraj Iron and Steel IPO?
The Company is making an initial public offer of 8,260,870 equity shares. They vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.
What is the Price band of Vraj Iron and Steel IPO?
The price band for this particular IPO ranges between Rs 195 to Rs 207. As far as the face value of the share is concerned, it is Rs. 10 per share.
What is the Vraj Iron and Steel IPO Open Date?
The opening and closing dates for this IPO have been updated. The IPO is set to open on June 26, 2024, while the closing date is set at June 28, 2024.
What is the Vraj Iron and Steel IPO Allotment Date?
They also have the news regarding the respective allotment dates of this IPO. The basis of Allotment finalization is on July 1, 2024, refund initiation is on July 2, 2024, credit of shares is on July 2, 2024, and share listing date is on July 3, 2024.
What is the Vraj Iron and Steel IPO Listing Date?
Shares of this company shall be listed in the exchanges on July 3, 2024. The date, when the listing would be done, is stagnant on July 3, 2024.
Who is the Registrar of Vraj Iron and Steel IPO?
One of the reputed registrars is managing the issue of this IPO, i.e. Bigshare Services Private Limited. Their website will help you regarding the further information you are on the lookout for.
Who is the Promoter of Vraj Iron and Steel IPO?
Here are the promoters of this IPO – VIJAY ANAND JHANWAR, KUSUM LATA MAHESHWARI, GOPAL SPONGE AND POWER PRIVATE LIMITED, V.A. TRANSPORT PRIVATE LIMITED, KIRTI ISPAT PRIVATE LIMITED, BHINASWAR COMMERCIAL PRIVATE LIMITEDANDUTKAL ISPAT PRIVATE LIMITED. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.
What is the GMP of Vraj Iron and Steel IPO?
They have obtained the GMP of this IPO and it is Rs NA. Further insights into the Kostak rate and subject to sauda or SS are also included in this report.
Is Vraj Iron and Steel IPO Good for Investment?
They have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.
What is the PAT of Vraj Iron and Steel Company?
They have the information on company financials, and according to that, they have the figures from the last few years to provide. PAT for the financial year 2023 in Million is 539.97, 2022 is 287.04, and 2021 is 109.85. PAT from Dec 2023 is 445.80.
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